Raw sugar prices settled higher Thursday on trade buying tied to switch activity by investors moving positions out of the spot contract before it expires at the end of the month, brokers said.
The New York Board of Trade's October raw sugar contract rose 0.03 cent to close at 10.33 cents a lb., moving from 10.18 to 10.38 cents. Active March added 0.02 to 10.81 cents, having hit a new lifetime high of 10.88 cents. Distant months gained 0.04 to 0.07 cent.
"The trade came in to buy the spread and this offset the early fund pressure on sugar. It's still a bull market and we'll probably see more switches tomorrow," a trading house floor dealer said.
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